Each year, on the third Sunday in June, families across the United States celebrate their fathers, step-fathers, grandfathers, and other paternal figures in their lives. This year, the holiday falls on June 19th.
If you are someone who is celebrated on Father’s Day, you are likely looking forward to the beautiful cards and homemade Father’s Day gifts your children or grandchildren will be making you at school, telling you how much they love you, and solidifying your “best Dad” position for all the things you do for them.
Fathers do not like to think that when the day comes, they will no longer be here to celebrate Father’s Day with their families. Unfortunately, it is a topic that we should think about and make sure we have put an iron-clad estate plan in place to ensure that when that day comes, our family will still be taken care of.
Putting an Estate Plan in Place
If a person is single with no children, having a will in place that stipulates how their assets should be distributed upon their death may be enough. However, when you are married with children or single with children, your estate plan can be used to address other important issues that should be specified.
In addition to a will, you can use your estate plan to name who you want to be your child’s legal guardian should the child lose both parents. If you do not have that stipulated in writing, the courts could award legal guardianship to someone who you would never have chosen.
Another estate planning tool you can use to protect your children is establishing a trust. Having a trust in place is beneficial in several ways. First of all, the contents that are placed in the trust do not have to go through the probate process. These funds are turned over to the beneficiary immediately upon the parent’s death.
However, if the child is a minor, the parent can choose who will be the trustee that will oversee the trust assets and how and when they are distributed for the benefit of the child. You can also have a trustee even if the child is an adult if you are concerned they may not be responsible enough to handle those funds.
If your child has special needs, a special needs trust can ensure your adult child is financially provided for but will not jeopardize any government benefits your child may qualify for.
Many parents also use trusts to minimize the amount of estate taxes that could be due to the government.
Other important documents you can have your estate planning attorney draw up include advance medical directives which stipulate any end-of-life instructions, and both medical and financial power of attorneys.
Call Our Estate Planning Office Today
This year on Father’s Day, give your children the gift of a secure future by contacting a Sacramento, CA estate planning attorney from Yee Law Group to schedule a free consultation to address all of your estate planning needs.